Pepe (PEPE), the popular and third-largest meme coin, is preparing for a significant price decline as it has broken below an important support level. Today, November 5, 2024, sentiment across the cryptocurrency landscape is quite bearish, putting PEPE into a downward trend.
Current price momentum
Following the incident, PEPE recorded a price drop of 2.75% in the past 24 hours and is currently trading at around $0.00000797. During the same period, the trading volume of this meme coin decreased by 4.9%, indicating less participation from traders and investors amid a bearish market.
Technical analysis of PEPE and key levels
According to the technical analysis of experts, PEPE appears to be bearish as it has broken below the important support level of the descending triangle price pattern on the daily timeframe. After the break, the likelihood of further price declines has increased.
Based on recent price movements and historical bullish momentum, if PEPE closes the daily candle below $0.00000795, it is highly likely that the asset will decrease by 18% to $0.0000065 in the coming days.
Additionally, PEPE has broken below the important support level at the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a further bearish trend.
On-Chain index bullish
Despite the bearish outlook for PEPE, whales and investors seem to be significantly participating in this meme coin. According to the blockchain analysis company IntoTheBlock, large whale and institutional transactions have increased by 36% in the past 24 hours.
A significant increase in these large transactions highlights the interest of whales in the meme coin amid its recent price decline.
Considering the on-chain metrics, it seems that the bulls are currently in control and have started to increase participation ahead of the U.S. presidential elections.
When combining the data on this chart, it seems that the bulls are currently in control and have started to participate ahead of the U.S. presidential election.